“The Council of Experts Concerning the Corporate Governance Code” (hereafter, the “Council”) (Chairman: Kazuhito Ikeo, Professor of Economics and Finance, Keio University) was established in August, 2014 and had met nine times since then to draft their proposal regarding corporate governance code.

The Council published an exposure draft of their proposal and called for comments from December 26, 2014 through January 31, 2015. The Council received comments in Japanese from 80 individuals/entities and 41 in English. The summary of comments received and the Council’s view on them has been posted
in Japanese and will soon be published in English as well. The Council expresses its gratitude for valuable comments.

Based on the received comments, the Council revised and finalized the proposal on March 5, 2015. The final version of the proposal is provided here (PDF:674KB).

The Tokyo Stock Exchange is scheduled to revise its listing rules and related regulations and formulate a corporate governance code, which is expected to have the same content as the final version of the proposal.